October 23, 2026: Indian companies announced key developments on October 22, 2026, spanning renewable energy, corporate restructuring, credit ratings, pharmaceutical leadership and delisting. Petronet LNG signed a binding term sheet for a joint venture to establish 10 compressed bio-gas plants, while Swelect Energy Systems approved the acquisition of a solar energy company for ₹2.27 crore.
Top India Headlines
- Petronet LNG and Gruner Renewable Energy Plan ₹1,200 Crore Bio-Gas JV
Petronet LNG Limited signed a binding term sheet with Gruner Renewable Energy Private Limited to establish a 50:50 joint venture for setting up 10 compressed bio-gas (CBG) plants across India. Each plant will have a capacity of 18 metric tonnes per day, with an estimated total capital outlay of ₹1,200 crore. The venture will cover feedstock procurement, production, storage, distribution and sale of CBG and its by-products.
- Swelect Energy Systems Approves ₹2.27 Crore Acquisition of Sushma Solar Energy
Swelect Energy Systems Limited approved the acquisition of 100% equity in Sushma Solar Energy Private Limited for a cash consideration of up to ₹2.27 crore. Incorporated in Rajasthan in May 2025, Sushma Solar plans to establish a 50 MW solar power plant under a group captive scheme. The acquisition is intended to expand Swelect’s renewable energy portfolio and strengthen its presence in Western India.
- Persistent Systems’ ICRA Rating Remains on Negative Watch
ICRA Limited maintained Persistent Systems Limited’s issuer rating at [ICRA]AA+, with a Rating Watch with Negative Implications. ICRA also assigned an [ICRA]A1+ rating to the company’s proposed ₹1,000 crore commercial paper issuance. Ratings on non-convertible debentures worth ₹5,000 crore and ₹2,000 crore remain at [ICRA]AA+, with negative-watch implications.
- Lupin Appoints Brian Savage as President and Chief Legal Officer
Lupin Limited appointed Brian Savage as Senior Management Personnel, President and Chief Legal Officer, effective October 22, 2026. He will lead the company’s global legal, compliance and intellectual property functions. Savage brings experience from the global pharmaceutical industry, including previous roles at Teva Pharmaceuticals and Dechert LLP, and holds a Juris Doctor degree from Yale Law School.
- Afloat Enterprises Accepts Resignations of Three Independent Directors
Afloat Enterprises Limited, formerly Adishakti Loha and Ispat Limited, accepted the resignations of three Non-Executive Independent Directors—Swati Jain, Kanwar Nitin Singh and Lovish Kataria—with effect from October 21, 2026. The company subsequently reconstituted its board committees. Its board also approved memoranda of understanding for a potential 100% stake acquisition in Dream Media Network Private Limited through a share swap or equity issuance, and for jewellery transactions with Alvora Jewels Private Limited.
- Hitech Corporation’s Delisting Offer Remains Successful After Share Tender Clarification
Hitech Corporation Limited issued a corrigendum to its reverse book-building outcome and post-offer public announcement concerning the delisting of its equity shares. After 100 physical shares were rejected due to documentation issues, 30,09,593 shares were validly tendered at or below the exit price. Following the acquisition, the acquirer, promoters and promoter group will hold 1,57,94,073 shares, representing 91.96% of the company’s fully paid-up equity.
- Wendt India Infuses ₹5.88 Crore into German Subsidiary
Wendt (India) Limited infused €0.55 million, approximately ₹5.88 crore, into its wholly owned German subsidiary, Wendt GmbH, to meet ongoing operational requirements. The subsidiary sells and services grinding and polishing machines and spare parts. Incorporated on July 8, 2025, it recorded a turnover of €0.51 million in FY26.
- Zee Learn Approves Q2 FY27 Results; CEO Manish Rastogi to Superannuate
Zee Learn Limited’s board approved its unaudited standalone and consolidated financial results for the second quarter and first half of FY27, along with the limited review report, at its October 22, 2026 meeting. The board also noted that Liberium Global Resources Private Limited had ceased to be a subsidiary following the sale of Zee Learn’s entire shareholding. CEO and Whole-time Director Manish Rastogi is scheduled to superannuate on November 8, 2026.
- Responsive Industries Independent Director Sanjiv Swarup Resigns
Responsive Industries Limited announced the resignation of Non-Executive Independent Director Sanjiv Swarup, effective October 22, 2026. He also resigned from all board committees, citing personal and professional reasons, unavoidable circumstances and statutory limitations on directorships. He confirmed that there were no other material reasons for his resignation.
- Oseaspre Consultants Approves Q2 and H1 FY27 Financial Results
Oseaspre Consultants Limited approved its unaudited financial results for the second quarter and first half of FY27, ended September 30, 2026. The board approved the results at its meeting on October 22, 2026, and the company said it would publish extracts of the financial statements.
Disclaimer: This report is based on the market information supplied and reflects early trading conditions on October 22, 2026. It is for informational purposes only and is not investment advice.
